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Risk-based Management in the World of Threats and Opportunities provides new and additional knowledge to project management practitioners, risk management specialists, and for undergraduate students taking up courses in Risk Management. The purpose of life is managing risk. It is in front of all of us and in the very fabric of our daily life. Risk management is the only thing we do for a living. This is the reason why we go to work every day. If we still do not realize this intriguing conclusion then I guess, we are all familiar with risks like close friends but we still do not know them well enough. Grab a copy, read and I will show you how to better appreciate the word risk, threat, opportunity, and the concept of risk-based management in the simplest terms.The sectional contents offer practical and common sense approach surrounding risk-based thinking to managers, directors, aspiring industry professionals, and newcomers. The material is especially design to start with the foundational principles and gradually bringing the reader to deeper topics using simple terminologies in conversational style. Risk-based management is a serious approach and a philosophy that takes risk as major consideration while managing any endeavor throughout its life cycle. Risk-based management increases the probability of success in achieving organizational and individual objectives. It simply means that risk should be the main contemplation by anyone while keeping an eye to achieving objectives. Risk is a primary concern in pursuit of a goal. Risk is not only a factor or featured element of management. It is the main character at play. Risk-based management gives importance to objectives. Failing to mitigate the risk means failure to meet the objective/s. Each chapter is an open-minded appraisal of risk, its concept, its approaches, its visual, basis, assumptions, methodologies, tools, and applications. Risk attributes were revisited and explained in a more vivid, flexible and friendly manner. I want to talk about risk and risk-based management with someone fresh from high school and one deep in the fields, yet coming to the same understanding because this book has bridged understanding. One must remember the idea of risk like a picture. If the book manages to accomplish that, then I consider the book a success.
With more than three decades of experience as a thought-leader and expert practitioner, PMI Fellow Dr. David Hillson shares practical insight into how upside risks can be identified, assessed, and managed as opportunities. After reviewing the benefits of identifying opportunities, the book steps through the opportunity identification and management process in detail, describing proven tools and techniques as well as specific tips to make them work in practice. The book places opportunity management in the context of traditional risk management, providing a familiar pathway that leads project managers to discover new benefits and successes. David Hillson is one of the foremost authorities on risk management. With his latest book he presents a strong case for managing opportunities. As with all of David’s books, the style of writing is engaging and easy to understand. There are many nuggets of wisdom in this book, as well as a hands-on approach to leveraging opportunity management as a way of improving project performance. — Cyndi Snyder Dionisio, PMI Fellow, Coronado CA, USA. (Chair of the PMBOK® Guide, Sixth Edition) I enjoyed reading this book, which is precise, clear, logical, and persuasive. The clarity of thought and expression explains why David is such a sought-after speaker. This book is a must-read for project risk practitioners, as well as for project professionals who are serious about addressing all the risks on their project, including the good ones. — Dr Dale Cooper, Cammeray NSW, Australia. (Director, Broadleaf Capital International) At last, a clear and valuable book linking both sides of the coin in risk management: threats and opportunities. David Hillson truly engages the reader on how to deal with these two types of risk in projects, sharing his wisdom and extensive experience in creating value from risk management. Anyone who has to manage risk in real-world projects should read this book to enhance their opportunity management skills. — Professor Salim Al-Harthi, Muscat, Oman. (Director of Risk Management Office, Sultan Qaboos University) It is vital for value creation in business and in life that we consider uncertainties that would have upside impacts on our objectives (opportunities), as well as downside impacts (threats). Business gets confused between opportunities where there is a binary choice to take or not, and true uncertain opportunities that can be seized, or left to chance. David has persevered in helping us understand this and this important book is a must-read for all leaders who want to create value through the proactive management of risk. — Dr Ruth Murray-Webster, Wakefield, UK. (Partner, Beyond the Deal LLP and Editor, APM Body of Knowledge, 7th Edition) As project managers, we always seem to focus on threats, negative risks. David Hillson, one of the foremost thought-leaders on risk management, explains approaches to identify and manage opportunities, positive risks and how this will help achieve project success. As with his previous books, David provides a structured approach with examples, tools, and techniques. An excellent resource for all project managers in today’s world. — Peter Monkhouse, Toronto ON, Canada. (Past Chair PMI Board of Directors)
Every business and decision involves a certain amount of risk. Risk might cause a loss to a company. This does not mean, however, that businesses cannot take risks. As disengagement and risk aversion may result in missed business opportunities, which will lead to slower growth and reduced prosperity of a company. In today's increasingly complex and diverse environment, it is crucial to find the right balance between risk aversion and risk taking. To do this it is essential to understand the complex, out of the whole range of economic, technical, operational, environmental and social risks associated with the company's activities. However, risk management is about much more than merely avoiding or successfully deriving benefit from opportunities. Risk management is the identification, assessment, and prioritization of risks. Lastly, risk management helps a company to handle the risks associated with a rapidly changing business environment.
Your business reputation can take years to build—and mere minutes to destroy The range of business threats is evolving rapidly but your organization can thrive and gain a competitive advantage with your business vision for enterprise risk management. Trends affecting markets—events in the global financial markets, changing technologies, environmental priorities, dependency on intellectual property—all underline how important it is to keep up to speed on the latest financial risk management practices and procedures. This popular book on enterprise risk management has been expanded and updated to include new themes and current trends for today's risk practitioner. It features up-to-date materials on new threats, lessons from the recent financial crisis, and how businesses need to protect themselves in terms of business interruption, security, project and reputational risk management. Project risk management is now a mature discipline with an international standard for its implementation. This book reinforces that project risk management needs to be systematic, but also that it must be embedded to become part of an organization's DNA. This book promotes techniques that will help you implement a methodical and broad approach to risk management. The author is a well-known expert and boasts a wealth of experience in project and enterprise risk management Easy-to-navigate structure breaks down the risk management process into stages to aid implementation Examines the external influences that bring sources of business risk that are beyond your control Provides a handy chapter with tips for commissioning consultants for business risk management services It is a business imperative to have a clear vision for risk management. Simple Tools and Techniques for Enterprise Risk Management, Second Edition shows you the way.
The Risk Management Handbook offers readers knowledge of current best practice and cutting-edge insights into new developments within risk management. Risk management is dynamic, with new risks continually being identified and risk techniques being adapted to new challenges. Drawing together leading voices from the major risk management application areas, such as political, supply chain, cybersecurity, ESG and climate change risk, this edited collection showcases best practice in each discipline and provides a comprehensive survey of the field as a whole. This second edition has been updated throughout to reflect the latest developments in the industry. It incorporates content on updated and new standards such as ISO 31000, MOR and ISO 14000. It also offers brand new chapters on ESG risk management, legal risk management, cyber risk management, climate change risk management and financial risk management. Whether you are a risk professional wanting to stay abreast of your field, a student seeking a broad and up-to-date introduction to risk, or a business leader wanting to get to grips with the risks that face your business, this book will provide expert guidance.
This book promotes good risk governance and risk management practices to corporate managers, executives, and directors wherever they operate around the world. The major corporate scandals have their roots in governance failure pointing to the link between risk governance and good performance outcomes. This topic is timely and of interest both to the academic community as well as to practicing managers, executives, and directors. The volume focuses on contemporary risk leadership issues based on recent research insights but avoids excessive technical language and mathematical formulas. The book is framed around the challenges imposed on executives and directors in dealing with an increasingly complex and unpredictable world. This requires a new risk leadership focus that not only avoids the downside risks but also considers ways to exploit the upside potential offered by a dynamic environment. The underlying logic is built on the principles of financial economics where benefits derive from reducing bankruptcy costs and increasing future cash inflows. This provides a stringent framework for analyzing the effect of different risk management actions and behaviors in effective risk-taking organizations. Hence, the book addresses the potential for upside gains as much as the threats of downside losses that represent the conventional risk perspectives. It states the simple fact that you must be willing to take risk to increase strategic responsiveness and corporate manoeuverability. The text builds the arguments in logical steps explicating relevant techniques and practices along the way that invite to immediate applications and practical thinking
Detailed how to's of threat assessmentfrom the initial contact to the sharing of results! Risk management can be an organizational nightmare, but it is an essential part of your operations. Recent events have shown us that organizations need to know how to respond swiftly and effectively in emergencies and that companies need to protect their employees from internal and external threats. This book provides you with the tools you need to protect both your employees and yourself from a variety of threats. Threat Assessment: A Risk Management Approach examines the factors that human resource, security, legal, and behavioral professionals need to understand in work violence and threat situations that disrupt the working environment, revealing the best ways to reduce risk and manage emergencies. It includes case studies and hypothetical examples that show recommended practices in action and provides detailed interviewing methods that can increase the efficiency of current strategies. Helpful appendices provide sample forms for identification cards, stay-away letters, workplace behavior improvement plans for problem employees, questions for health care providers, and announcements for employees regarding security changes. An extensive bibliography points the way to other useful material on this subject. Threat Assessment: A Risk Management Approach explores: the role of the multidisciplinary threat management team corporate liaisons with law enforcement agencies cyberthreats and stalking insider threats category classification of offending behaviors Risk management is a constantly evolving field, and Threat Assessment provides you with access to the latest updates. Staying up-to-date on risk management innovations will help you increase corporate sensitivity to possible threats and provide the safest possible working environment to your employees. The authors of Threat Assessment are seasoned professionals with extensive experience in risk management. You can learn from their expertise and adapt it to your situation, improving workplace safety and contributing to security in your own community.
This pocket guide is an excellent bridge between risk-based thinking and operational risk management. As a risk management practitioner with the Department of Defense I find it's not that easy to set up a formal management structure to support risk analysis and it's a much larger challenge to obtain and sustain the "risk mindset" that's needed by all in the value chain to effectively and continuously identify and manage operational risk. For example, many organizations routinely perform a SWOT analysis but often fail at carrying the threats and opportunities into frequent and critical decision-making events thus increasing risk to operations, stakeholders, and customers.Mr. Levinson makes the link between risk-based thinking and risk management through a comprehensive coverage of pro-active risk thinking coupled with risk management principles and guidelines with emphasis on preventive-based methodologies. He's done an excellent job of explaining the role of waste (from the LEAN perspective) and how it can increase risk to organizations who fail to "see and think" that the many forms of waste are a source of operational risk to the organization. Of key interest is his explanation of external risks driven from external forces such as economic conditions, cultural differences, conflicting value systems, and the high-speed changing environments of technology and consumer demand. He provides historic and highly relevant examples ranging from world trade and global markets to national defense. This guidebook flows very well. All concepts and methodologies are well supported and linked to associate management standards (ISO 9001 & 31000).If you're an organization that wants to raise its level of risk-based awareness across the enterprise then give every member a copy of this pocket guide and don't stop there! Add this to your strategic objectives: Get grokked on risk-based thinking!
The book analyzes, compares, and contrasts tools and techniques used in risk management at corporate, strategic business and project level and develops a risk management mechanism for the sequencing of risk assessment through corporate, strategic and project stages of an investment in order to meet the requirements of the 1999 Turnbull report. By classifying and categorizing risk within these levels it is possible to drill down and roll-up to any level of the organizational structure and to establish the risks that each project is most sensitive to, so that appropriate risk response strategies may be implemented to benefit all stakeholders. "The new edition of this book provides a clear insight into the intricacies of corporate risk management and the addition of the case study exemplars aids understanding of the management of multiple projects in the real world." —Professor Nigel Smith, Head of the School of Civil Engineering, University of Leeds
This book presents a new approach to risk management that enables executives to think systematically and strategically about future risks and deal proactively with threats to their competitive advantages in an ever more volatile, uncertain, complex, and ambiguous world. Organizations typically manage risks through traditional tools such as insurance and risk mitigation; some employ enterprise risk management, which looks at risk holistically throughout the organization. But these tools tend to focus organizational attention on past actions and compliance. Executives need to tackle risk head-on as an integral part of their strategic planning process, not by looking in the rearview mirror. Strategic Risk Management (SRM) is a forward-looking approach that helps teams anticipate events or exposures that fundamentally threaten or enhance a firm's position. The authors, experts in both business strategy and risk management, define strategic risks and show how they differ from operational risks. They offer a road map that describes architectural elements of SRM (knowledge, principles, structures, and tools) to show how leaders can integrate them to effectively design and implement a future-facing SRM program. SRM gives organizations a competitive advantage over those stuck in outdated risk management practices. For the first time, it enables them to look squarely out the front windshield.